U.S. Rep. Maxine Waters (D-Calif.), chair of the House Financial Services Committee, and Rep. Joyce Beatty (D-Ohio), chair of the House Financial Services Subcommittee on Diversity and Inclusion, have sent letters to 37 bank holding companies requesting their diversity and inclusion data and policies from 2015 to the present.
The letters request data on diversity and inclusion from bank holding companies with more than $50 billion in assets.
“Unfortunately, a complete picture of diversity and inclusion in the financial services industry cannot be obtained until the financial services industry shares their diversity data and policies with the OMWIs [Office of Minority and Women Inclusion], Congress, and the public,” the lawmakers wrote.
According to data presented by the Government Accountability Office at a February hearing, the financial services industry has failed to significantly improve diversity in its management ranks. For example, from 2007 to 2015, the overall representation of women among managers at financial services firms remained generally unchanged, while the overall representation of minorities among managers marginally increased, except for African-Americans, whose representation decreased from 6.5 percent to 6.3 percent.
The new letters are identical to a request made last month by Beatty for diversity and inclusion data from the seven megabank CEOs that testified at a Committee hearing in April.
The lawmakers requested the following information about each institution’s diversity and inclusion data and policies from 2015 through the present:
- Total number of employees (full- and part-time);
- Career level of employees (executive and manager versus employees in other roles);
- Gender, race and ethnic identity of employees;
- Employee compensation by gender, race and ethnicity;
- Number and dollar value invested with minority- and women-owned vendors and asset managers as compared to all vendor and asset manager investments;
- Title(s) and reporting structure for each institution’s lead diversity officer(s); and
- Number of staff and budget dedicated to diversity initiatives.
Data requests also includes a description of performance measures and compensation tied to diversity initiatives, and company-wide diversity policies and practices, including recruitment strategies, outreach to diverse organizations (such as historically black colleges and universities and professional organizations), and gender pay equity data and efforts to close any identified gaps.
The letters also seek corporate board demographic data, including total number of board members; gender, race and ethnic identity of board members, as otherwise known or provided voluntarily; board position title, as well as any leadership and subcommittee assignments;
Institution’s diversity policies and practices; and any challenges the institution faces in implementing its diversity goals and initiatives.